Define Condominium In Real Estate In Phoenix
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A inium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.
Townhouses have multiple stories in most cases and the neighbors are on each side. iniums are horizontal spaces. That's nice but your lender and bank have a different criteria. They rely on the county assessor to determine the type of property associated with an address.
A inium is type of living residence within a multi-unit complex where each unit is individually owned. iniums are commonly called condos, for short. The origin of the term 'inium' comes from Latin meaning "joint rule."
Synonyms: condo. abode, domicile, dwelling, dwelling house, habitation, home. housing that someone is living in.
A inium, or condo, is an individually owned unit in a complex or building of units. A condo owner owns the space inside their condo and shares ownership interest in the community property, such as the floor, stairwells, and exterior areas.
Inium structure means the principal building or structure intended for or constructed upon a lot or building site, together with any attached accessory structures; e.g. in a residential development, the inium structure would refer to the house and any attached garage.
A inium Information Statement (CIS) is the packet of documents provided to buyers purchasing a condo unit that is newly constructed or recently converted from a different use.
